Paul Brock, Kiwibank's CEO of seven years, resigning at end of the year

Kiwibank says Paul Brock, its CEO of seven years, will leave the bank at the end of 2017.

Brock, who has worked for the state owned bank since it was launched in 2002, succeeded Sam Knowles as CEO in September 2010. Kiwibank says he is resigning.

Over the past year Kiwibank has gone through an ownership broadening with NZ Post selling 47% of the bank to the New Zealand Super Fund, which now has a 25% stake, and the Accident Compensation Corporation which has a 22% stake. The bank has also had a messy regulatory capital dispute with the Reserve Bank and is facing a cost blow out in its core banking system upgrade.

In a statement Kiwibank’s chairwoman Susan Macken said Brock had done a great job setting the bank up to continue to expand and prosper. Macken said a search for a new CEO would begin immediately.

The statement quoted Brock (pictured below) saying he has experienced a “very rewarding” 17 years with Kiwibank, but now wants to take a break and “consider what the future holds.”